In the video above, Dr. Subramanian Swamy describes four ways in which the Black Money can be brought back to India:
- Do as the Americans did – jail the highest ranking official of an International Bank in India and ask them for the details of the Bank accounts of all Indians. If they refuse, put them in jail. This was done to the Swiss and they complied within 2 days.
- Like Germany, India can bribe a high ranking official of an international bank and get the information from a tax haven such as Lichtenstein Bank. The French did the same thing to Hongkong Shanghai Bank (HSBC).
- Using DTAA Double Taxation Avoidance Act, a small part of Black Money can be recovered by exchanging information between sovereign tax authorities. Only future violations will be attracted by this way.
- According to a United Nations (UN) resolution, if any country wants the details of all the holdings of its citizens in the tax havens, then the country has to pass a law nationalizing their assets abroad. Once this law is passed, the UN resolution can be used to get the details of the accounts from any tax haven. Philippines, Egypt and Libya have already taken this approach.
In this series, we will describe the results of three nations, Philippines, Egypt and Libya in their efforts to bring back the ill-gotten wealth of their dictators from tax havens. Philippines presents an interesting scenario as Marcos was deposed almost thirty years ago!
- The conversion rate used in this article is 1 USD = 66.53 Rupees.
- Text in Blue points to additional data on the topic.
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